Synthetix SNX Surges 120% Amid Perpetuals DEX Launch Anticipation
Synthetix’s token, SNX, surged over 120% within 24 hours, reaching levels unseen since the pre-2022 market crash. The token's rise is linked to its upcoming perpetuals DEX launch on Ethereum, expected later this month.
- SNX price increased from around $1.00 to over $2.20, with trading volume soaring by 1,120% to $758 million.
- The surge sparked renewed interest in "dino coins," older tokens like SNX issued before recent market cycles.
- Analysts attribute the rally to anticipation of Synthetix’s new DEX, especially after recent issues with rivals Hyperliquid and Aster.
DeFi Developments
- Synthetix plans a trading competition on October 20, potentially drawing capital from other platforms.
- The project aims to expand cross-chain liquidity via Optimism and Base.
Technical analysts note SNX’s breakout above multi-year resistance, suggesting a potential trend reversal. However, whether SNX can maintain its gains remains uncertain as it leads the "perp DEX war" narrative.